Sell-down knocks Ferrexpo share price

Oct 28 (IFR) - BXR Group and Zdenek Bakala sold 63m sharesin iron ore pellet producer Ferrexpo on Thursday night afterreducing the number they intended to sell by 10%.

The deep discount needed to get the deal away fed through tothe following day's trading performance, setting the share priceup for the biggest one-day fall this year.

Sole bookrunner JP Morgan came to the market at 5pm with 70mshares, or 11.9% of the share capital.

By the time the deal was priced at 110p per share, the sizehad been scaled back to 63m shares, or 10.7%. The pricingrepresents a discount of 13.89% to the closing price of 127.75p.

The selling shareholders have agreed to a 90-day lock-upagreement in relation to a remaining stake of around 13.25%.

The shares closed at 104p on Friday, down 18.59%. (This story will appear in the October 29 issue of IFRMagazine; Reporting by Graham Fahy)

Ferrexpo